The Empowerment of Digital Transformation to Outward Foreign Direct Investment of China's Enterprises:A Framework Analysis Based on the Eclectic Paradigm of International Production
Against the backdrop of digital transformation of the world economy,there is considerable focus on whether digital transformation can empower outward foreign direct investment(OFDI)of China's enterprises.Under the framework of the Eclectic Paradigm of International Production,this paper theoretically analyzes and empirically tests the impact of digital transformation on OFDI of the enterprises based on the data of Chinese A-share listed companies from 2008 to 2020.The research shows that digital transformation significantly increases the probability of OFDI of China's enterprises and this conclusion remains robust after a series of tests.Mechanism test reveals that digital transformation promotes OFDI of China's enterprises through strengthening ownership advantage,enhancing internalization momentum and overcoming the disadvantage of outsiders.Heterogeneity analysis indicates that the nature of enterprise property rights,the structure of human capital,the intensity of industry factors,the degree of competition and the mode of investment will affect the empowerment of digitalization to OFDI.Importantly,the test based on investment scale and investment performance shows that digital transformation can also help OFDI achieve"scale-expanding and efficiency-enhancing",and the expansion of scale is reflected in extensive margin of OFDI.
digital transformationoutward foreign direct investment(OFDI)of the enterprisesthe Eclectic Paradigm of International Productionscale-expanding and efficiency-enhancing
NETL
NSTL
万方数据
